Swiss firm SoftwareONE Holding is reportedly close to acquiring Norwegian rival Crayon Group Holding, aiming to form a pan-European software reseller.
SoftwareOne plans to finalise the deal by taking Crayon private, with an announcement expected in December 2024, reported Bloomberg, citing sources familiar with the matter.
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The acquisition is likely to be conducted mostly or entirely in stock.
Crayon’s shares surged 8.4% on Thursday 12 December, reaching their highest point since August 2022 during Oslo trading, bringing the company’s valuation to approximately $1.1bn.
Meanwhile, SoftwareOne saw a sharp decline, dropping as much as 17% to a record low in Zurich, reducing its market capitalisation to around $1.1bn.
Citing sources, Bloomberg reported in September 2024, that SoftwareOne, which was evaluating the possibility of a sale of itself, was looking at a potential merger with Crayon.
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By GlobalDataSources familiar with the matter had revealed at that time that buyout firm Apax Partners, along with SoftwareOne’s major shareholders, have been in talks about various structures to facilitate a combination of the two companies.
The combined entity might eventually be taken private by a private equity firm later. Meanwhile, discussions could also still face delays or fall apart.
SoftwareOne’s spokesperson declined to comment, while Crayon’s representative did not respond, reported the media outlet.
Based in Stans, Switzerland, SoftwareOne is a significant reseller of Microsoft software licenses.
The company assists IT companies with software and cloud purchases, followed by implementation and support services.
The company has attracted interest from private equity firms, with its previous board rejecting a CHF3bn- offer from Bain Capital in January 2024. SoftwareOne’s founding shareholders replaced the board in April.
SoftwareOne chief executive officer Raphael Erb warned of challenges from changes at Microsoft, including reduced vendor incentives.
Oslo-based Crayon, expected to record revenues of around $648m this year, distributes licenses for Amazon Web Services, Microsoft, and Google Cloud, mainly in the Nordic region.
